A group of California investors has bought the former Beau Chenes Apartments on Johnston Street for $6.525 million, records show.
Tyler Caglia and Mike Van Groningen with CVG Capital and other investors listed under two companies bought the 124-unit apartment complex, 2509 Johnston St., from Cagan Management Group earlier this month, according to records filed with the Lafayette Parish Clerk of Court. The property has been rebranded as River Oaks Apartments.
It’s the latest sale of a Lafayette property for Illinois-based Cagan, which sold the 94-unit Eagle Run Apartments, 810 S. College Road, in December 2019 for $4.65 million.
Courthouse records show the company still owns three properties in Lafayette — Whispering Oaks Apartments, 550 Eraste Landry Road; Gallery Apartments, 315 Guilbeau Road; and Park Place Apartments, 100 Belle Fontaine Drive.
Caglia and Van Groningen’s company specializes in acquiring large apartment complexes and is active in markets around the country, including the southeast and Midwest, according to its website.